Ethereum (ETH) company Aztec recently announced that it has launched its Succinct Non-Interactive Argument of Knowledge (SNARK) zero-knowledge generation through a cryptographic service dubbed “Ignition.”
The privacy startup also disclosed the closing of its latest investment round that was participated in by Coinbase, Libertus Capital, and A.Capital.
Statement by Aztec
According to a press statement released by Aztec, the multiple-party computation function signified the generation of encrypted points that will be utilized to develop all Aztec notes in the future. The procedure will form an open-source “reference string” that the company will use. It could also be helpful to future cryptosystems.
The data generated by Ignition will also contain universal SNARKs, which will allow for a nearly unlimited array of uses – from anonymous voting structure to a completely decentralized private banking system.
Aztec, which also has the support of ETH-powered firm ConsenSys, is set to rely solely on zero-knowledge proofs, or ZK-SNARKS, to ensure it receives complete privacy when conducting transactions.
These transactions can only work when they undergo a complicated cryptographic ceremony, which is also known as a “trusted setup.” This will reportedly provide the desired results. The Ignition ceremony was designed for such an event.
Zero-knowledge SNARKs can also confirm that particular information or data is true without disclosing anything. But SNARK’s security relies on the confidentiality of a seed. It presents a major disadvantage as it’s a large, randomly created number.
If someone discovered the seed adopted by a ZK-SNARK set, that person will have the power to compromise the whole system’s security. For instance, “The Powers of Tau, a ceremonial service like Ignition, was also run to generate the seed for Zcash.
The Powers of Tau allows for a single, massive ceremony to manage all potential ZK-SNARK track within a specified size bound. The ceremony’s results are disposed to ZK-SNARK specifications for the whole community.
Aside from the SNARKs launch, Aztec also announced the conclusion of its most recent investment round. There have been reports that venture capital firms Libertus Capital and A.Capital participated, along with crypto exchange platform Coinbase.
The privacy-protocol startup shared that the funds generated are earmarked for the creation of different developer tools. The company will also use it to study how PLONK, the universal SNARK, can be incorporated into various systems.
PLONK reportedly just requires a trusted setting, with all programs able to reuse it. The setting is said to be enough for use in the Ethereum network.